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Governments are working to relieve medical debt. As part of the American Rescue Plan, the White House intends to pay off $7 billion in medical debt by the end of 2026.
Medical debt is consuming Americans, in fact, it is the number one cause of bankruptcy, because more than 60% of Americans deplete their savings due to some unexpected healthcare cost. [ 18 ] One thing that seemed to help the extreme debt caused by medical issues was Obamacare.
Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ineligible for ...
The study found that "about half" of bankruptcy filers in the year 2001 cited out-of-pocket medical bills in excess of $10,000 as a major contributor to bankruptcy (the average bankruptcy filer in this study was a 41-year-old woman with a median income of $25,000, slightly below the personal income average for that year). [28]
While pervasive, the debt isn’t spread across the nation equally, as Black Americans are “50% as likely as whites to owe money for medical care,” according to the investigation.
KNOXVILLE, Tenn. (WATE) — If you think you are alone in dealing with medical debt, guess again. Recent studies have shown that medical debt is the leading cause of bankruptcy in the United States.